Critical illness insurance is becoming more popular every year in Canada as a way to protect you against the financial fallout caused by cancer, stroke and heart attack. This type of policy is simply another form of health insurance that will provide you with a lump sum payment should you become seriously ill.
• 80% of Canadians survive a heart attack
• 75% of Canadians survive a stroke
• 76% of Canadians that develop cancer end up surviving
Although survival rates has drastically increased in recent years, health plans have not keep pace – for example, provincial health plans don’t help you with the personal finances involved. People that live with a critical illness know that you will have to make major changes to your lifestyle. It’s always best to be prepared for these type of situations.
• Heart attack
• Kidney failure
• Transplants of organs
• Multiple Sclerosis (MS)
Although some diseases and illnesses that are covered can differ depending on the company, most cover the more common serious illnesses. What is covered can also depend on the severity of the illness or ailment (ex: partial blindness) and the effect it will have on your daily life.
You will not be able to purchase a critical illness insurance policy for an illness or condition that is pre-existing. You can find information about guaranteed life insurance here.
Cancer, strokes, and heart attacks are common among Canadians, especially as the population continues to age. It is estimated that some 250,000 people in Canada will suffer from at least one per year. As medical treatments continue to improve so to does the chance of survival. Unfortunately, some cutting edge treatments may not be available in Canada. Critical illness can be used to pay for specialized treatment, plus cover additional traveling expenses and even the cost of long term care.
Always make sure to read through your policy carefully to make sure you are covered for specific diseases and conditions. Your best option is to speak to a licensed insurance representative who can provide you with a more detailed explanation of your coverage options.
LifeCover.ca works with Canadians and helps get them the coverage they need at a price they deserve. Let us make getting insurance a little easier for you by requesting a free comparison quote right now, and speak to a licensed, independent professional broker in your area today.